Future of Hydrogen in Automotive worth 1,280 thousand Units by 2035 - Exclusive Report by MarketsandMarkets™

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"Asia Pacific to lead the market during forecast period"

The Asia Pacific region anticipates substantial growth in the hydrogen fuel cell vehicles, driven by proactive policies from key nations. This includes plans for developing green hydrogen and setup of hydrogen refuelling stations across the region. China currently leads the global market for hydrogen fueled Buses and Trucks with its setup of CV only hydrogen refuelling stations across key cities. Similarly, India has also announced plans for increasing green hydrogen capacity to provide for the future demand. Ashok Leyland and Tata Motors have announced plans for making H2-ICE vehicles in the future. Further, Japan plans to have around 800,000 FCEVs on roads by 2030. Similarly, South Korea has also announced plans for 6.2 million FCEVs on road by 2040. Such factors are expected to lead to the continued dominance of hydrogen fueled vehicles in the Asia Pacific region.

Key Players

The Future of Hydrogen in Automotive is expected to be led by established players such as Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motors (Japan), BMW Group (Germany), Stellantis (Netherlands) among others.

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Recent Developments

In February 2023, GM and Honda announced the joint development of FCEV powertrains for their upcoming modelsIn September 2022, Hyundai and IVECO Group showcased their new eDaily FCEVIn August 2022, Toyota and BMW Group announced a partnership to develop FCEVsIn July 2022, Toyota launched H2 Trucks developed in partnership with Isuzu and Hino MotorsIn July 2021, Volvo and Daimler Trucks announced plans to develop H2 fuel cell for long-haul heavy trucks

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